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Rupee gains as stocks hit record high
Friday, July 13, 2007
Rupee strengthened on Friday as foreign money poured into the record-setting stock market, although RBI tried to cap the currency's strength.
Rupee ended at 40.42/43 per dollar, up from the previous close of 40.50/40.51.
On Thursday, the rupee came close to testing a nine-year high of 40.28 hit in May, but aggressive intervention from RBI pushed it down to a 2-week low of 40.75.
On Thursday, the government unveiled a $320 million relief package for exporters hurt by the rupee's rise.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
